Brazil's President Jair Bolsonaro on Tuesday hailed the Senate's appro...
BRASILIA - Brazil’s President Jair Bolsonaro on Tuesday hailed the Senate’s approval of a sweeping overhaul of the nation’s pension system as a launch pad for the wider economy, although voting on the last few remaining amendments was delayed to the following day.
The Senate approved the main text of the landmark reform by a margin of 60-19 late on Tuesday before Senate President Davi Alcolumbre suspended debate on amendments and convened a session to conclude the voting on Wednesday. Speaking to reporters in Brasilia, Economy Minister Paulo Guedes said Congress had done “a beautiful job” and that he was “very happy with the result”.
Brazilian markets rallied and stocks hit an all-time high on the legislative result. Economists have said the controversial cuts to social security spending are crucial to closing a fiscal deficit that cost Brazil its investment-grade credit rating.
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